Hopes for a Solana-based spot exchange-traded fund have rekindled after Cboe BZX refiled applications for multiple asset managers.
On Jan. 29, Bloomberg analyst James Seyffart highlighted that Cboe BZX has submitted fresh 19b-4 filings for spot Solana ETFs from Bitwise, VanEck, 21Shares, and Canary Capital, putting the proposals back in front of the United States Securities and Exchange Commission for consideration.
A 19b-4 filing is essentially a request by an exchange to list a new product, in this case, a Solana ETF. It kicks off the SEC’s review process, where regulators assess whether the proposal meets securities laws and aligns with investor protection standards. Approval would pave the way for Solana ETFs to trade on traditional stock exchanges.
If the SEC rejects the proposal, exchanges aren’t out of options—they can tweak and resubmit their applications to address regulatory concerns. This back-and-forth can go on for multiple rounds, as seen in the case of Bitcoin ETFs before they finally secured approval.
For Cboe BZX, this marks the second attempt at getting a Solana ETF through the SEC after its previous bid was rejected late last year. At the time, insider sources claimed the commission had put new crypto ETF applications on hold until Donald Trump officially took office.
The latest filings arrive as the regulatory landscape shifts under the Trump administration, which has signaled a more pro-crypto stance. With SEC Acting Chair Mark Uyeda, known for his industry-friendly approach, overseeing the agency, expectations for crypto ETF approvals are rising.
Analysts believe Solana ETFs stand a better chance under the new leadership, though it remains to be seen how quickly the SEC will move on pending applications.
Issuers have also sought to expand their suite of crypto products with filings for spot XRP, Litecoin, and Dogecoin ETFs. Biwise, for instance, submitted its S-1 filing for an ETF tracking Dogecoin earlier today.
Currently, Polymarket bettors put the odds of a Solana ETF approval by Jul. 31 at 57%, but Bloomberg ETF analyst Eric Balchunas has previously speculated that Litecoin could be next in line.
Meanwhile, spot Bitcoin and Ethereum ETFs have drawn in billions, proving that demand for crypto investment products is alive and well. The floodgates opened when the SEC finally greenlit Bitcoin ETFs, with Ethereum quickly following suit.
Now, with Solana and other altcoins lining up for their turn, the big question is whether regulators will embrace more crypto-backed products—or keep them waiting at the door.
